Home › Car Loan › Canara Bank vs HDFC Bank
Canara Bank vs HDFC Bank Car Loan
Canara Bank advertises the lower starting rate (7.8% vs 8.4%). On ₹8 lakh over 5 years that is about ₹13,803 less interest, or ₹230 less per month, at the starting rates.
| Canara Bank | HDFC Bank | |
|---|---|---|
| Starting interest rate | 7.8% | 8.4% |
| EMI for ₹8 lakh, 5 years | ₹16,145 | ₹16,375 |
| Total interest | ₹1,68,679 | ₹1,82,482 |
| Processing fee | Not stated | Up to 0.5% of the loan amount (min ₹3,500, max ₹8,000) |
| Prepayment | Not stated | Not stated |
| Maximum tenure | - | - |
Source: Canara Bank official page, checked 2 November 2026.
Source: HDFC Bank official page, checked 2 November 2026.
These figures use the bank's advertised starting rate. Most borrowers are offered a higher rate depending on credit score, income and loan size, so treat the result as a best case.
Frequently asked questions
Which is cheaper, Canara Bank or HDFC Bank car loan?
Canara Bank advertises the lower starting rate (7.8% vs 8.4%). On ₹8 lakh over 5 years that is about ₹13,803 less interest, or ₹230 less per month, at the starting rates. Your actual rate may differ from the starting rate.